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Mr. David Loch <br /> August 11, 1998 <br /> Page 3 <br /> • • Additional commercial development at the corner of 169 and Main <br /> Street, I believe, will make the "old" shopping mall a more desirable <br /> retail space due to the number of people being attracted to the new <br /> commercial development. (There is 76,000 square feet available in <br /> the "old" shopping mall, not 100,000) <br /> • TIF is not being provided to "attract" a new commercial <br /> development, but rather to achieve the construction of a 40 acre <br /> industrial park. <br /> • The market will drive (and should drive) the timing of building out <br /> the commercial development and the various uses contained within <br /> the commercial development. <br /> Issue IV The County disagrees with the length of the TIF District <br /> There are several different types and respective lengths of tax <br /> increment districts including: <br /> • Economic Development Districts - Maximum duration - 9 <br /> years <br /> • Renovation and Renewal Districts - Maximum duration - 15 <br /> years <br /> • • Soils Condition Districts - Maximum duration - 12 years <br /> • Housing Districts - Maximum duration - 25 years <br /> • Redevelopment Districts (TIF No. 19) - Maximum duration - <br /> 25 years <br /> The City of Elk River and Elk River Economic Development <br /> Authority have mostly made use of economic development <br /> districts. These economic development districts are, generally, <br /> single use industrial/manufacturing types of projects. Examples <br /> of Elk River's economic development districts/projects: <br /> • Tescom <br /> • Marketech <br /> • Alltool <br /> • McChesney Cabinets <br /> • TimRon Precision Gear <br /> The city also has several redevelopment districts in place <br /> including: <br /> • AmericInn <br /> • • Mork Clinic <br />